Is The United States The Next Cyprus?
March 21, 2013
Today one of the wealthiest people in the financial world warned King World News that investors have to worry about the Cyprus called the United States. Here is what Rick Rule, who is business partners with billionaire Eric Sprott and the CEO of Sprott USA, had to say about what investors should expect going forward:
Eric King: “Rick, in the aftermath of this, and obviously it’s still ongoing, but your thoughts on this Cyprus catastrophe and what it means going forward, because people are frightened here.”
Rule: “Well, congratulations on your early coverage of the Cyprus situation. One of the beauties of outlets like yours is you can cover things in real-time. But with regards to Cyprus, moving forward what you need to understand is it is another example of just how fragile the international financial situation is.
If you now have a bank run in Cyprus that gets out of control, what happens in other parts of the world? It’s just a continuing example of ongoing fragility in the system….